Litigation funding—also known as litigation financing or third-party litigation funding (TPLF)—provides a person or entity with the money to pay attorney fees, expert witnesses, and other costs necessary for litigation. Litigation funding is essentially a loan, secured by the proceeds of the expected settlement or collection of judgment in a lawsuit, and is designed to allow persons or entities without the necessary resources to pursue valid claims in litigation.
In Oklahoma, litigation funding, also known as third-party litigation funding (TPLF), is a practice where a third party provides financial assistance to a litigant to cover legal expenses such as attorney fees and expert witness costs. This funding is typically non-recourse, meaning that the funder will only be repaid from the proceeds of a settlement or judgment if the litigation is successful. Oklahoma does not have specific statutes directly regulating litigation funding for general civil litigation. However, the practice must comply with general state laws on contracts, lending, and professional conduct for attorneys. Attorneys in Oklahoma are bound by the Oklahoma Rules of Professional Conduct, which impose certain duties regarding client confidentiality and conflicts of interest that must be considered when engaging with litigation funders. It's important for parties considering litigation funding to consult with an attorney to ensure that any funding agreement is in compliance with applicable laws and ethical rules.